Citigroup Misses Mark And Breaks Bank Earning Trend ( NYSE:C, JPM, WFC )

Shares of Citigroup Inc.(NYSE:C) slid in the pre-market session as the third-biggest U.S. bank reported a lower than estimated first quarter profit due to accounting cost.The bank said that it earned $2.93 billion, or 95 cents a share, down from a year ago profit of $3 billion, or $1 a share, missing analysts’ estimates by 7 cents.Citigroup’s profit was $1.11 a share excluding a $1.3 billion accounting cost called a credit valuation adjustment, or CVA, and gains the bank made on sales of stakes in other lenders.Revenue during the quarter came at $20.7 billion, excluding CVA/DVA, up 4% year-over-year. Excluding both CVA/DVA and the net gain on minority investments, Citigroup revenues were up 1% year-over-year. Transaction Services revenues grew 7% to $2.7 billion. North America GCB revenues jumped 5% from first quarter 2011 to $5.2 billion and international GCB revenues increased 4% to $4.8 billion. Loans during the quarter grew 12% to $514 billion with growth across all regions. Consumer loans grew 6% to $286 billion and corporate loans grew 23% to $228 billion, both versus the prior year period.Securities and Banking revenues declined 12% from the prior year period to $5.3 billion. Citi Holdings revenues decreased 47% from the prior year period to $874 million. Excluding CVA/DVA, Citi Holdings revenues were $786 million, 53% lower than the first quarter 2011.Corporate/Other revenues increased $561 million year-over-year to $500 million, largely reflecting the net gain on minority investments, partially offset by the impact of hedging activities. Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.Shares of Citigroup are down about 1% to $33.06 in the pre-market session.Last week, JPMorgan Chase & Co.(NYSE:JPM) Wells Fargo & Company(NYSE:WFC) had reported better-than-estimated earnings.